Premier League club Tottenham Hotspur has announced a £68.6m profit following the club’s historic Champions League campaign, however profits are down from last season’s £113m figure.
Tottenham’s biggest gains were seen in its revenues which increased by £80m to £460.7m. Meanwhile, the club’s European adventure netted the side £108.4m.
Chairman, Daniel Levy reluctantly announced the news in a statement, citing that there were more pressing matters to discuss: “We are painfully aware that it seems wholly inappropriate to be giving any attention to the prior year’s financial results at a time when so many individuals and businesses face worrying and difficult times. We are however legally required to announce these by 31 March 2020.
“We are all facing uncertain times both at work and in our personal lives. I have spent nearly 20 years growing this Club and there have been many hurdles along the way – none of this magnitude – the COVID-19 pandemic is the most serious of them all.”
The main reason for Tottenham’s profits declining this season despite performing betting in Europe was due to the club’s completed transition into the Tottenham Hotspur Stadium. Due to playing in Wembley in the 2017/18 season the club incurred a loss in Premier League gate receipts due to the stadium move last campaign.
On top of that, £400m extra was spent last season in order to develop the club’s tangible assets, including the likes of the Training Centre, the new Players’ Lodge, Percy House, Lilywhite House, a new retail warehouse, a new Paxton House Ticket Office and the Tottenham Experience. The figure for all these assets totaled approximately £1.4bn.
The club did confirm that despite the spending, the side has been run within UEFA’s Financial Fair Play regulations and there is no worry of Tottenham having issues with either Premier League or UEFA regulations.